outlookNIFTY:

The Nifty opened at 12062.40 with a gap up of 154 points. Prices have rallied further for the whole day and finally closed at 12120.30 up by 211.80 points. All the sectoral indices have rallied except Realty. Metals, Media and Financials have led the rally. We had a long position taken around 11850 with the target of 11980. Nifty opened around 12050 well above our target price, so our trade exited with a gain of more than 200 points. The Nifty has recorded new highs for this up move while started in April 2020. The index crossed 12100.

Markets opened with a big upside gap, then consolidated the gains and finally moved up again to close at the high point of the day. Most world markets are seeing very strong gains. We have explained earlier that most world markets are following the US markets. The US markets have been on a strong up move even as the election results have not yet been announced.

The Nifty has broken out of a large trading range. We have earlier identified the resistance of this range to be at 12050. We should look to buy the index at a dip towards 12050 with a tight stop at 12000.

BANK NIFTY:

Bank Nifty opened at 26174.80 with a big gap up of 518 points. Prices have consolidated in the first half while saw a sharp rally in the second half. The index finally closed at 26313 with a gain of 660 points.

Private and PSU Banks both have performed well and closed higher by1.89% and 2.87% respectively. Within the index, in terms of points, SBI contributed highest followed by Kotak Bank. Bank Nifty continued its upside momentum and the index has gained more than 2% and made new highs for the current uptrend. We have identified strong resistance around 26500. The index is now trading very near to this level. A dip towards 25000 zones should be looked as a good buying opportunity.

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TECHNICAL PICKS

COMPANY  CMP B/S RATIONALE
GLENMARK 509.50 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP  with a stop at 498 and for the target 530.
COALINDIA 119.85 BUY The stock has given a breakout from a narrow trading range. The stock can be bought at CMP with a stop at 117 and for the target 123-126

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DERIVATIVE PICKS

STOCK OPTION Strike Price Buy/Sell CMP Initiation Stop Loss Target Remarks
TATACONSUM 500 CE BUY 26.15 CMP 32 23 OI increase
Long Buildup Short Buildup
Stocks Price Price% OI % OI Stocks Price Price% OI % OI
VOLTAS.Nov 26 744.55 2.42 46.02 3046000 GODREJPROP.Nov 26 916.4 -5.88 30.42 1811550
SAIL.Nov 26 38.75 11.19 30.3 62510000 PETRONET.Nov 26 222.4 -0.4 23.33 10293000
HINDALCO.Nov 26 187.95 6.01 25.12 34885900 APOLLOTYRE.Nov 26 148.3 -0.07 16.13 12890000
PAGEIND.Nov 26 21154 3.71 23.02 90570 GODREJCP.Nov 26 666.25 -1.93 14.07 5375000
SRF.Nov 26 4858 8.89 20.1 643750 HEROMOTOCO.Nov 26 2957.5 -0.19 9.62 2860800
                                                                        Short Covering Long Unwinding
Sector Price Price% OI% OI Sector Price Price% OI% OI
MUTHOOTFIN.Nov 26 1227.8 5.7 -6.88 2832750
UPL.Nov 26 419.55 4.02 -4.14 19880900
RELIANCE.Nov 26 1958.5 2.08 -2.79 38628460
ITC.Nov 26 175.4 2.93 -1.94 100723200
HCLTECH.Nov 26 846.75 3.31 -1.75 16387700

TOP DELIVERY PERCENTAGE

Stocks Price %Chg Total Qty Delivery Del % % Change
Sectors Price Change % Quantity
Icici Lombard General In 1243.65 1 538703 175281 63.73 Nifty Metal 2488.65 4.4 83820
Colgate Palmolive (india 1482 0.48 1052295 636873 61.03 Nifty Media 1472.6 4.03 83820
Power Grid Corporation o 179.05 1.1 5764503 6593405 60.23 Nifty Energy 15020.35 2.68 83820
Container Corp Of India 407.3 2.35 1778251 743578 53.36 Nifty Bank 26313.1 2.1 83820
Sbi Life Insurance Compa 805 1.77 1373458 474599 51.38 Nifty Fmcg 30180.05 1.92 83820
Hindustan Unilever Ltd 2102.35 2.05 2083827 734944 49.66 Nifty 50 12120.3 1.78 83820
Page Industries Limited 21002.45 3.34 74280 31703 49.58 Nifty it 21385.65 1.33 83820
Hdfc Ltd. 2100.7 0.6 4117187 2416866 46.35 Nifty Auto 7995.5 1.19 83820
Icici Prudential Life In 413.6 0.95 2721997 664376 45.18 Nifty Pharma 11704.95 0.83 83820
Vedanta Limited 94.25 2.45 32411974 11426635 44.6 Nifty Realty 224.55 -0.51 83820

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UPCOMING ECONOMIC DATA

   Domestic                                                                                                                                                  International
INR:  FX Reserves, USD  on 6th November, 2020

INR:  Deposit Growth on 6th November, 202

•USD:  Fed Interest Rate Decision on 6th November, 2020

NEWS UPDATES

•Saudi Arabia’s Sovereign Fund will buy a stake worth about Rs 9,555 crore ($1.3 billion) in Reliance Industries Ltd.’s retail business as Asia’s richest man continues to raise funds to bolster dominance of his consumer operations. The Public Investment Fund will pick up a 2.04% stake in Reliance Retail Ventures Ltd., the holding arm for Mukesh Ambani’s retail business, according to media statements issued by RIL and PIF on Thursday. The deal pegs the pre-investment equity valuation of Reliance Retail at Rs 4.58 lakh crore.

•Berger Paints India Ltd on Thursday reported an increase of 13.55% in its consolidated net profit to Rs 221.05 crore for the second quarter ended September 2020.  The company had posted a net profit of Rs 194.66 crore during the July-September quarter of the previous fiscal, Berger Paints India said in a regulatory filing. Its revenue from operations was up 9% at Rs 1,742.55 crore during the quarter under review as against Rs 1,598.58 crore in the corresponding period of the previous fiscal.

•Aditya Birla Capital on Thursday reported a 3% increase in its consolidated net profit to Rs.264 crore for the second quarter ended September. The company’s net profit stood at Rs.256 crore in the same quarter a year ago. The net profit jumped 33% quarter-on-quarter from Rs.198 crore for first quarter ended June, marking a move towards normalcy and growth, with continued resilience across businesses, the company said. Total revenue grew by 14% to Rs.4,879 crore during the September quarter as against Rs.4,275 crore in same period of 2019-20.

Source: Economic Times,  Moneycontrol  ,Business Today, Livemint, Business Standard, Bloomberg Quint

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BOARD MEETINGS

Company Name Purpose Ex-Date Company Name Purpose Ex-Date
ALKEM Quarterly Results 6-Nov-20 ITC Quarterly Results 6-Nov-20
ASHOKLEY Quarterly Results 6-Nov-20 JUBLINDS Quarterly Results 6-Nov-20
BANKINDIA Quarterly Results 6-Nov-20 KRBL Quarterly Results 6-Nov-20
BEL Quarterly Results 6-Nov-20 LALPATHLAB Quarterly Results;Interim Dividend 6-Nov-20
BEML Quarterly Results 6-Nov-20 LEMONTREE Quarterly Results;General 6-Nov-20
BHEL Quarterly Results 6-Nov-20 MANAPPURAM General;Interim Dividend; Results 6-Nov-20
CENTRALBK Audited Results;Quarterly Results 6-Nov-20 MRF Interim Dividend;Quarterly Results 6-Nov-20
CESC Voluntary Delisting of Shares; Results 6-Nov-20 RELCAPITAL Quarterly Results 6-Nov-20
CIPLA Quarterly Results 6-Nov-20 SAIL Quarterly Results 6-Nov-20
GLENMARK Quarterly Results 6-Nov-20 TATACONSUM Quarterly Results 6-Nov-20
GNFC Quarterly Results 6-Nov-20 UBL Quarterly Results 6-Nov-20
INDIACEM Quarterly Results 6-Nov-20 UNIONBANK Quarterly Results 6-Nov-20
IOB Quarterly Results 6-Nov-20 VEDL Quarterly Results 6-Nov-20
IOLCP Interim Dividend;Quarterly Results 6-Nov-20 VOLTAS Quarterly Results 6-Nov-20

CORPORATE ACTION

Company Name Ex-Date Purpose Company Name Ex-Date Purpose
COSMOFILMS 6-Nov-20 Buy Back of Shares SRTRANSFIN 9-Nov-20 Interim Dividend – Rs. – 6.00
DAAWAT 6-Nov-20 Interim Dividend – Rs. – 0.50 DEEPENR 10-Nov-20 Spin Off
SURYAROSNI 6-Nov-20 Interim Dividend – Rs. – 1.50 GOPALA 10-Nov-20 Reduction of Capital
ASIANTILES 9-Nov-20 Dividend – Rs. – 0.70 LAURUSLABS 10-Nov-20 Interim Dividend – Rs. – 0.80
EMBASSY 9-Nov-20 Income Distribution RITES NAVINFLUOR 10-Nov-20 Interim Dividend – Rs. – 5.00
INDIGRID 9-Nov-20 Income Distribution (InvIT) NEULANDLAB 10-Nov-20 Interim Dividend – Rs. – 2.00
KHAICHEM 9-Nov-20 Interim Dividend – Rs. – 0.10 ORIENTCQ 10-Nov-20 Interim Dividend – Rs. – 4.00
MASTEK 9-Nov-20 Interim Dividend – Rs. – 5.50 RAIN 10-Nov-20 Interim Dividend – Rs. – 1.00
SHARDACROP 9-Nov-20 Interim Dividend – Rs. – 2.00 REGENCY 10-Nov-20 Bonus issue 1:1

DISCLOSURE IN PURSUANCE OF SECTION 19 OF SEBI (RA) REGULATION 2014

Elite Wealth Advisors Limited does/does not do business with companies covered in its research reports. Investors should be aware that the Elite Wealth Advisors Limited may/may not have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as read more


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